><< The unemployment rate isn't really intended as a measure of human
>deprivation; it's intended as a measure of labor market tightness, which is
>what the employing class cares about. >>
>
>Granting that UE does not measure well-being in many
>important dimensions, it remains that the relation
>between UE and the business cycle is a proper object
>of interest for the other class. Insofar UE is equally
>erroneous with respect to the undercounts mentioned
>over the business cycle, then it is still useful.
Of course it's useful. There's no question the working class is better off with U at 4.2% than at 8.4%. But the measure can't do the things that Charles seems to want it to do.
Doug